One of the biggest ways to optimize your business is to develop internal talent.

When you bring team members on board you invest a lot into their training and growth. And when you're able to develop your internal talent, rather than having a lot of churn and retraining, you can get the most out of your investment. So how can your business cultivate internal talent so that employees contribute maximum value in their individual roles?

Consider these ideas for attracting and retaining talent.

Benefits of Developing Internal Talent:

1. Save money. Filling positions with internal candidates usually costs less than external hiring. You cut down on expenses like advertising, screening, and training. Plus, new staff members might expect a higher salary than someone who is already on your payroll.

2. Reduce turnover. High turnover can damage morale and disrupt productivity. It’s expensive too. Finding and training a replacement typically costs twice the departing employee’s salary, according to The Wall Street Journal. Retain employees longer by showing them they have a future at your company.

3. Keep top talent. Retention is even more important when you’re talking about your high performers. Even if they’re not actively searching, they may be getting calls from recruiters, so it’s important to stay competitive.

4. Reduce risk. What happens when a new recruit seems unable to deliver what they promised at their initial interview? You’re less likely to make an unfortunate decision when you’re dealing with staff members you know well.

5. Achieve your goals. Most importantly, talent development enables you to build the team you need for current and future business priorities. Engaged and empowered employees are essential for success.